Occupy Wall Street

[Riot]

Originally Posted by slotdirt

Whether or not I'm ever lucky enough to make that much money, I'll still never agree with the premise that rich people need to be taxed at a higher percentage simply because they're rich.

Small point ... that's not what they are saying, and we have a progressive, not regressive, tax system.

And: Warren Buffett released some of his income tax information today

Earned: $63 million last year
Paid less than $7 million in federal income tax.

Mr. Buffett's adjusted gross income was $62,855,038 in 2010, according to the letter, while his taxable income was $39,814,784. He said he paid $15,300 in payroll tax, and $6,923,494 in federal income tax. That made for an effective tax rate of 17.4%.

According to the Tax Policy Center, a nonpartisan group, the average tax rate for taxpayers in the middle quintile—those earning between $34,000 and $60,000 a year—is 12%, including payroll and income taxes. Those earning from $103,000 to $163,000--the top 80% to 90% of earners—pay 18.2%. Those earning from $163,000 to $211,000 pay 19.8%, and those earning from $211,000 to $533,000 pay 20.4%.

http://online.wsj.com/article/SB1000...875519978.html